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What to offer (first property)

(10 Posts)
Enni2S Fri 21-Apr-17 09:59:48

Lurker here looking for some advice. I am a FTB and I have seen a property that I like (detached, lovely street, sunny garden). The house is on the market for £220000, and I am going for a second viewing tomorrow. I'm fairly sure that I'll make an offer, but I'm struggling with what to go in at. I am not expecting (or willing) to pay the full asking price, for the following reasons:

- The current owner bought the house for £210000 only last summer, they have bought a new build down south as family issues mean that they have to move back.

- The current owners have not modified or changed anything about the property since purchasing it last year.

- When I went to view the property, the EA informed me that the owner would be flexible on price if the buyer would be willing to delay completion for a few months, as it would allow the owner to work full notice. The EA said that if the buyer would want to move immediately, the vendor would be looking for 'a lot closer to the asking price'.

The house has been on the market for about a month and has had a few viewings, but no offers. I am flexible on completion date, but I'm trying to interpret all this and come in at a reasonable price. So I'm posting to see what you guys think, what would you open with and what would you be happy to pay?

wowfudge Fri 21-Apr-17 10:15:59

How much have house prices increased in the local area since they bought?

They want to be sure they don't lose their deposit on the new place but will only move quickly (i.e. into rented to accommodate a buyer) for their asking price as it's more upheaval. The person working their notice will either have to commute or negotiate an early release and potentially not have an income.

Can you find out what they are likely to accept?

TheNumberfaker Fri 21-Apr-17 10:39:32

All depends on how much local prices have changed.
If they haven't soared, I would be tempted to go in at 200k for a later move date.

Enni2S Fri 21-Apr-17 10:57:27

Prices have gone down a little recently and have definitely not soared. I believe that overall, they are similar to last year. It's just that, when the EA is telling that they will be 'flexible', I'm not sure what to reasonably expect.

housesellingrant Fri 21-Apr-17 15:20:05

If they bought a year ago and prices haven't gone up and you can be flexible id offer lower than they paid initially, they have had a year of wear and tear on the property.
You are in a great position of having no chain.

SquinkiesRule Fri 21-Apr-17 15:39:52

If I really wanted it, I'd offer what they paid for it and let them work their notice before completion and moving.

Enni2S Mon 24-Apr-17 08:27:47

So I went in at 205 and got squarely rejected. I asked the EA what the vendor would accept with the condition they could delay the move until later and was told 215. I feel a little disheartened now :/

SnowGlobes Mon 24-Apr-17 09:32:24

Sounds a bit cheeky to me. The faff of moving out early would cost them more than the 5k difference and most people offer below asking anyway. I would have said 210 and work to their time scale. There's been a years worth of wear & tear and if prices haven't gone up then breaking even is a good deal for them. If you really love it, can afford it and there's nothing similar then you may need to offer 215. However if there's similar houses similarly priced but you prefer this one then go back at 210 saying you'll move at their timescale but it's your final offer and they need to take it off the market immediately. Good luck,

Bluntness100 Mon 24-Apr-17 09:34:20

They are negotiatingl go in at 210 and tell them final offer.

PippaFawcett Mon 24-Apr-17 12:08:40

What Bluntness said. But ask to exchange sooner rather than later - so they don't keep you waiting in the wings while they look for higher offers - with a later completion date.

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